NFTs, and more recently the Metaverse concept, have continued to grow in popularity over the past year. That not only means that the NFTs themselves are valuable, but it’s also created a mountain of value for the marketplaces that deal in NFTs. One such is SuperRare, which has taken a rather unique approach to the NFT marketplace.
What Is SuperRare?
If you’re an art fan who enjoys crypto, SuperRare is a marketplace that combines both your loves. SuperRare is a non-fungible token (NFT) platform that allows individuals to collect and sell digital art. Many of the world’s digital artists make their work available on the platform for purchase by avid collectors. RARE is the token that works in tandem with the marketplace.
What makes SuperRare so RARE?
RARE is unique in that it is not used to purchase digital artwork or engage in transactions. All NFTs sold on SuperRare must be purchased with ETH..
Instead, the token offers governorship status to its owners. Holding RARE allows a person to vote in forums called “Spaces.” These forums are designed to give new artists entry to the SuperRare seller’s market. Spaces act like gallery openings in which token holders have all the say. They decide which artists should be onboarded and what artwork they can sell. They then earn percentages of any sales stemming from artists in their Spaces.
The token works in tandem with the SuperRare DAO (decentralized autonomous organization) that puts RARE owners’ votes into play. The DAO manages the growing treasury that stores both RARE and ETH tokens generated through digital art transactions.
Through SuperRare, you can browse assorted artwork and build your collection from scratch. Artists receive royalty payments throughout the duration of their careers, and all transactions occur on-chain, ensuring they’re recorded in real time and establishing verifiable evidence of ownership.
And with the RARE token you can invest in the digital art world without purchasing any NFTs.
RARE Price Action
RARE was launched on August 17, 2021, through an airdrop that saw users garner 150 million tokens. Coinmarketcap shows RARE as being a relatively small coin. The currency is presently trading for $1.40 (as December 2021). It has a market cap of $142 million and a daily trading volume of $24 million.
Rare to USD Chart. Image via Coinmarketcap
Upon its debut, the asset was trading for around 90 cents. RARE has since experienced two solid price jumps. The first was ten days after its entry to the crypto arena. RARE spiked to $3.12 on August 27. From there, the currency incurred an almost immediate drop and hovered in the low to mid-$1 range until October 11, when it jumped to $3.36.
Since then, the currency has consolidated and experienced relatively moderate activity, meandering between $1.3 and $2.6.
A Few Final Thoughts
The NFT space has been one of the fastest growing trends in the crypto industry, and SuperRare is at the heart of it. The platform has created a space for all digital artists to sell their work and earn royalties for the rest of their lives. The company has also built a unique token that grants voting rights to holders, thus paving the way for new artists to join the NFT market.
If you’re looking to add an investment in the expanding world of digital art to your portfolio, join SMART VALOR and start trading RARE today.